Donald Trump’s Approach to Victory and the Increase in Bitcoin Price
The victory of Republican Party candidate Donald Trump in the US presidential elections pushed Bitcoin (BTC) prices to record levels. Election results show that Trump is ahead in his fight against Democratic Party candidate Kamala Harris. According to current data from the BBC, Trump has now reached 246 delegates, while Harris is behind with 187 delegates. In the US presidential elections, any candidate who reaches 270 delegates will be deemed to have won the elections.
Bitcoin’s Possibility to Become a Strategic Reserve
Trump’s promise that he would make Bitcoin a strategic reserve asset for the USA if he won the elections created great excitement in the cryptocurrency market. This promise attracted the attention of investors and traders, causing the cryptocurrency BTC to break a new record by increasing its price to 75 thousand 118 dollars. This indicates that a strong bull run has begun in the cryptocurrency market.
Effect of Election Results on Markets
Donald Trump found strong support in key electoral states. For example, in the state of Arizona, Trump received 50 percent of the votes, while Kamala Harris received 49.2 percent. In addition, Trump is ahead with 51.2 percent in key states such as Pennsylvania. The candidate who receives the votes of 270 of the total 538 delegates that will make up the Electoral College will become the new president of the United States. According to Euronews, Trump has gained a significant advantage by leading in all swing states.
- Pennsylvania
- Georgia
- Arizona
- Nevada
- Michigan
- north carolina
- Wisconsin
Trump’s progress in these elections triggered the all-time high that BTC last reached on March 14. This record, which came in the last eight months, led to huge losses, especially for traders who opened short (decline) transactions. According to Coinglass data, a total of $488 million in liquidations took place in the last 24 hours, of which $361 million was lost in short positions.
Polymarket and Market Expectations
Another important factor in BTC breaking the record was that the probability of Trump winning increased to 96 percent on the prediction platform Polymarket. This situation reinforced investors’ belief that Trump will win the elections. Additionally, Trump’s promises that he would dismiss SEC Chairman Gary Gensler if he won created a positive atmosphere in the cryptocurrency market. The crypto industry is enthusiastically welcoming expectations that Bitcoin will be legalized in the US and Gensler will be removed from office.
Crypto analysts predict that Trump’s victory will push Bitcoin to $100,000. Pav Hundal, chief analyst at Swftyx, told Cointelegraph: “The spot market is soaring and shorts are being liquidated. Traders think crypto assets are gaining value again. “Currently, our order books contain almost all buying action,” he said. This reveals how great the future potential of Bitcoin and other cryptocurrencies is.
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